French fashion brand Balenciaga is reportedly planning to adopt cryptocurrency as a payment method for its products. Initially, the product will be available in the company’s US stores on Madison Avenue in New York and Rodeo Drive in Beverly Hills, Los Angeles.
Balenciaga Captures Crypto Waves
according to recently applied area, Balenciaga allows US customers to use Bitcoin and Ether to buy clothes, shoes, bags and other goods. Customers can also pay with cryptocurrency when making purchases on the brand’s official website. The fashion house is expected to expand its offerings to other regions and add more digital assets at some point in the future.
The recent decline in the cryptocurrency market could be problematic for the many individuals and businesses exposed to the asset class, but Balenciaga is not. The company said it was “thinking long term” and said the temporary change was “not new.”
Earlier this month, Swiss luxury watchmaker Tag Heuer also jumped into the crypto world by accepting 12 digital assets and 5 stablecoins as payment methods on its US website. In the initiative, the company’s partner was payment service provider BitPay.
Like Balenciaga, Tag Heuer’s CEO, Frédéric Arnault, has been interested in Bitcoin since the company’s inception and stated that recent market price movements are not a cause for concern.
“This new cryptocurrency payment feature is just the beginning of many exciting projects for TAG Heuer in the Web3 world,” the management added.
Philipp Plein Allows Digital Asset Payments
Last year, German fashion company Philipp Plein International AG allowed customers to use 15 cryptocurrencies as a payment method for their product purchases. Two of these assets are Bitcoin and Ether, the largest assets by market cap.
As brand CEO Philipp Patrick Plein is an avid crypto supporter and HODLer, it comes as no surprise that this proposal was introduced.
“I am a cryptocurrency investor and believe in the future of cryptocurrency. This is why I decided to offer this payment method both in store and online… Together we are making HISTORY,” said the management.
Last month, Plein revealed that about 3% of the fashion company’s $105 million in online sales in 2021 will come from cryptocurrency payments. From his point of view, he predicts that 2022 will be even more successful and that payments through digital assets will form $21 million per year. income.
Main image courtesy of Luxus
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